Massive Decline for Nakamoto Holdings
Nakamoto ($NAKA), a company known for its Bitcoin treasury operations, has experienced a staggering 96% drop in its stock value over the past six months. Once considered a promising player in the crypto-treasury space, the firm is now facing growing concerns over its financial stability and business model.
The sharp decline has rattled both retail and institutional investors, especially those betting on the long-term value of companies holding large amounts of Bitcoin on their balance sheets.
Reasons for the Crash
While the crypto market has seen occasional volatility, Nakamoto’s collapse is particularly severe. Analysts point to several contributing factors, including a lack of clear revenue generation, market overvaluation during its launch phase, and potentially poor risk management tied to Bitcoin price movements.
As a Bitcoin treasury firm, Nakamoto’s primary business model relies on the appreciation of Bitcoin itself. When BTC price stagnates or drops, companies like Nakamoto face disproportionate losses. The recent market uncertainty has likely magnified those effects.
UPDATE: Bitcoin treasury firm Nakamoto ($NAKA) has dropped 96% over the last six months. pic.twitter.com/zvzN9YZ6qx
— Cointelegraph (@Cointelegraph) November 20, 2025
Investor Confidence Shaken
Nakamoto’s freefall is sparking wider questions about the viability of public companies solely built around Bitcoin holdings. The dramatic price action suggests investors are losing confidence in these treasury-first firms, especially when they lack diversified business models.
Unless the company can pivot or regain trust, it may serve as a cautionary tale for others looking to build businesses solely around crypto asset management.